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1. On July 11 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $4,299.52; employee life insurance, $602.88; Medicare, $142.08; CPP, $268.16; EI, $5.76; workers' compensation, $425.92; general liability, $38.08; and employer-paid health insurance, $288.00. On July 13 the employees were paid for the time entered into the accounting system on July 11. 2. 3. On July 18 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; employee life insurance, $753.60; Medicare, $177.60; CPP, $335.20; EI, $7.20; workers' compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00. 4. On July 20 the employees were paid for the time entered into the accounting system on July 18. 5. On July 25 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374,40; employee life insurance, $753.60; Medicare, $177.60; CPP, $335.20; EI, $7.20; workers compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00. On July 27 the employees were paid for the time entered into the accounting system on July 25. 6. On July 27 the employees were paid for the time entered into the accounting system on July 25. 7. On July 31, the employee life insurance, Medicare, CPP, EI, workers' compensation, general liability, and employer-paid health insurance premiums recorded during July were paid. I 8. On August 1 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; employee life insurance, $753.60; Medicare, $177.60; CPP, $335.20; EI, $7.20; workers' compensation, $532.40; general liability, $47.60; and employer- paid health insurance, $360.00. 9. On August 2 a bill for materials(e.g.,nails.hardware and small tools) in the amount of $3,846 was entered into the accounting system. A bill for the forklift rental in the amount of $6,720 was also entered. 10. On August 3 the employees were paid for the Time entered into the accounting system on August 1. 11. On August 5 the general contractor was billed $45,000 for July's work. 12. On August 8the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; employee life insurance, $753.60; Medicare, $177.60; CPP, $335.20; EI, $7.20; workers' compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00. 13. On August 10 the employees were paid for the time entered into the accounting system on August 8. 14. On August 15 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; employee life insurance, $753.60; Medicare, $177.60; CPP, $335.20; EI, $7.20; workers' compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00. 15. On August 15 the materials and equipment-bills entered into the accounting system on August 2 were paid. 16. On August 17 the employees were paid for the time entered into the accounting system on August 15. 17. On August 17 a bill for the forklift rental in the amount of $2,240 was entered into the accounting system. 18. On August 25 payment was received from the general contractor for July's work. 19. On August 31, the employee life insurance, Medicare, CPP, EI, workers' compensation, general liability, and employer-paid health insurance premiums recorded during August were paid. 20. On August 31 the forklift rental bill recorded on August 17 was paid. 21. On September 3 the bill for materials (e.g., nails, hardware, and small tools) in the amount of $1,705 was entered into the accounting system. 22. On September 5 the general contractor was billed for $20,800 for July's work. 23. On September 15 the materials bill recorded on September 3 was paid. 24. On September 25 payment is received from the general contractor for August's work. BALANCE SHEET INCOME STATEMENT JOB COST EXPENSES EQUIPMENT EXPENSES ASSETS LIABILITIES EXPENSES REVENUES EQUITY PROFIT Assest Liabilities - Equity Profit Revenues - Expenses 11 Jul BALANCE SHEET JOB COST EXPENSES EQUIPMENT EXPENSES ASSETS LIABILITIES INCOME STATEMENT EXPENSES REVENUES Payroll 6,070.40 340 Accrued Payroll 8 4,299 32 342 Accrued Taxes S 1,018,88 343 Accrued Insurance $ 252.00 EQUITY Current period equity $ 6,070.40 PROFIT .$ 8 6,070 40 $ $ Asset - Liabilities - Equity Profit- Revers - Expenses BALANCE SHEET ASSETS LIABILITIES INCOME STATEMENT JOB COST EXPENSES EQUIPMENT EXPENSES EXPENSES REVENUES EQUITY PROFIT Assest Liabilities + Equity Profit Revenues - Expenses CHART OF ACCOUNTS 110 Cash 120 Account recivable-Trade 121 Account recivable-Retention 130 Inventory 140 Cost and Prpofits in excess of billings 150 Notes Receiable 155 Du from Construction Loans 160 Prepais Expenses 199 Other Current Assets 730 Repairs and Maintenance 740 Fuel and Lubrication 750 Taxes, Licenses and Insurance 798 Equipment Cost Charged to Employees 799 Equipment Cost Charged to Jobs 210 Building and Land 220 Construction Eqipment 230 Trucks and Autos 240 Office Equipment 250 Less Acc Depreciation 260 Capital Leases 299 Other Assets 310 Accounts Payable-Trade 311 Accounts Payable-Retention 320 Billings in Excess of Cost and Profits 330 Notes Payable 340 Accrued Payroll 341 Accrued Payables 342 Accrued Taxes 343 Accrued Insurance 344 Accrued Vacation 350 Capital Leases Payable 360 Warranty Reserves 370 Other Current Liabilities 380 Long-Term Liabilities 805 Advertising 806 Promotion 810 Car and Truck Expenses 811 Computer and Office Furniture 812 Repairs and Maintennace 819 Depreciation 820 Employee Wages and Salaries 821 Employee Benefits 822 Employee Retirement 823 Employee Recruiting 824 Employee Training 825 Employee Taxes 827 Entertainment 830 Insurance 835 Taxes and Licenses 840 Office Supplies 841 Office Purchase 842 Office Rent 843 Office Utilities 844 Postage and Delivery 845 Janitorial and Cleaning 846 Telephone 850 Charitable Contributions 855 Dues and Memberships 860 Publications and Susbcriptions 865 Legal and Profesional Services 870 Meals 875 Travel 880 Bank Fees k 1 11 410 Capital Stock 420 Retained Earnings 430 Current Period Net Income You 430 Current Period Net Income 500 Revenue 610 Materials 620 Labout 630 Subcontract 640 Equipment 650 Other 880 Bank Fees 881 Interest Expense 885 Bad Debts 891 Unallocated Labour 892 Unallocated Materials 893 Warranty Expense 898 Miscellaneous 899 Overhead Charged to Jobs 910 Other Income 920 Other Expense 930 Income Tax 710 Rent An Lease Payments 720 Depreciation